With the implementation of GST, tax applicable on sale of old and used vehicles was the same as on new vehicles – 28% + Applicable cess at the rate of 15% – this resulted in a rate of up to 43% being charged on the sale of old vehicles. The used car market was heavily affected with this high rate of tax being charged causing a burden on trade and… Read More »GST on Sale of Used Car
It is been said that, under the GST, credit would flow smoothly throughout the supply chain – meaning all taxes paid on inputs would be available as credit – and that would diminish tax costs. But that may not be entirely true. The Model GST Law aka MGL, prescribes various restrictions on input tax credit, and there is a lot less being said about them. Let us go through all… Read More »GST Input Tax Credit Restrictions
The government has blocked fraudulent Goods and Services Tax (GST) refund claims worth Rs 1,875 crore, involving 1,377 exporters- according to finance ministry official said. The CBIC (Central Board of Indirect Taxes and Customs) has already instructed officials to verify the correct availment of input tax credit (ITC) by such risky exporters based on pre-defined risk parameters, the official said. The Directorate General of GST Intelligence also known as DGGI… Read More »Fake ITC Claims: GST Departments Has Started Blocking Fake Claims
For the first time since the rollout of E-Way Bill in India, the Uttar Pradesh State had mandated for vehicles operating in the state to use the radio frequency identification device (RFID) tag along with an e-way bill from November 1, 2018. E-way rules decree that a vehicle carrying goods valuation over Rs 50,000 must provide the details electronically on the common portal and generate e-way bill. The portal grabs… Read More »RFID Tag Mandatory Along With E-Way Bill in UP From 1st Nov 2018
Electronic-way Bill – associate electronically generated document that is needed to be carried for movement of products price extraordinary Rs fifty,000. The validation of e-way bill is for a definite time-period, supported the sort of merchandise being transported and therefore the distance between supply and destination. Distance between supply and destination was perpetually major issue whereas making E-way bill among alternative issues. Now, E-waybill system is being enabled to machine… Read More »Auto Calculation of Route Distance for Generation of E-Way Bill
Interesting fact about GST is that the interest under GST is calculated on gross liability. The provision of interest on late payment of GST liability is prescribed in section 50(1) of CGST Act, 2017. The provision is reproduced hereunder for convenient reading. Section 50(1) states that Every person who is liable to pay tax as per the provisions of this Act or the rules made thereunder, but fails to pay… Read More »Interest Payable on Gross GST Liability, as Declared in GSTR-3B
MSME Samadhaan Portal was established to entitle all the micro and small-scale enterprises of India. It enables micro & small business owner to directly register their cases related to delayed payments. MSMED (Micro, Small and Medium Enterprise Development) Act, 2006 covers the provisions to deal with delayed payment cases to Micro and Small Enterprises (MSEs). According to the provisions, the buyer is responsible to pay compound interest with monthly rests… Read More »MSME SAMADHAAN – How to Recover Pending Dues From Customers by MSME Vendors
APOB aka Additional Place of business is the place of business where taxpayer accomplish business related activities within the State, in addition to the PPOB (Principal Place of Business). A supplier needs to register in each state from which he is supplying goods or services. In other terms, if a supplier has their business branches in different states – he/she would be required to take separate registration for each of… Read More »All about the additional place of business in GST
Students of 1 year MBA for Executives & other programs leading to a management degree at the Indian Institutes of Management (IIMs) will get benefit from the tax exemption given by the GST Council as IIM Bangalore has secured exemption from Goods and Services Tax (GST) for all programs which are of long duration including the one year full-time MBA (EPGP). IIMB has been given an exemption from GST for… Read More »GST On Various Programmes Being Conducted By The IIMs
Directors’ remuneration termed as the compensation the company gives to its directors for the services rendered. This can be done via fees, salary or by use of a company’s assets. The remuneration paid to Directors is issued only on getting approval from shareholders and the Board of Directors. A director can be:- Executive Director non-executive Director Managing Director (MD) Independent Director Small Shareholder Director Women Director Additional Director Alternate Director … Read More »Taxation of Director Remuneration under GST